Elderly nutrition consists of vitamin, protein, minerals, lipids, and other, which help in maintaining nutritional balance as well as improving immunity to prevent diseases such as cancer, vitamin deficiency, neurological disorders, sarcopenia, and osteoporosis. Different types of nutrition products are majorly in form of drinks, powder, supplements, and others.
Increasing geriatric population prone to major life threatening diseases such as cancer, chronic diseases, and neurological disorders is a major factor driving elderly nutrition market growth. World Health Organization Prospectus, 2017, estimated a significant rise in geriatric population above 60 years, from 962 million in 2017 to reach 2.1 billion by 2050, and tis increase will triple in 2100, globally.
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Moreover, rising number of government initiatives program regarding nutrition and diet are expected to boost the market growth. For instance, in September 2017, the Government of Tanzania launched National Multi-sectoral Nutrition Action Plan (NMNAP) for 2016-2021, to address malnutrition problems for development of nutrition level in healthcare sector. The Nutrition International’s Technical Assistance in Nutrition actively partnered with government of Tanzania for this project.
However, side effects and complications observed in parenteral therapy leads to serious and life threating condition such as refeeding syndrome, liver dysfunction. For instance, Journal of Gastroenterology and Hepatology, December 2013, estimated around 50% cases of refeeding syndrome by physicians from the study conducted in New Zealand.
Key players in the market are focused on research and development in order to develop novel products to address the critical unmet needs of nutrition in elders. Moreover, significant increase in investments for developing novel nutritional products for geriatric population is also expected to propel growth of the market. For instance, in May 2017, Nestle launched YIYAN powder for people over 50 years in China Nutrition Science Conference in China.
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Moreover, increase in geriatric population is expected to rise incidences of chronic diseases, which in turn is expected to boost the market growth. For instance, chronic obstructive pulmonary disease (COPD) is a primary cause of disability and death all over the world. Most people with COPD have malnutrition and require nutritional support to live. According to WHO in 2016, 251 million people have moderate to severe chronic obstructive pulmonary disease (COPD).
Key players in the market are focused on adopting strategies such as mergers and acquisitions to enhance its product portfolio. For instance, in December 2018, Pfizer Inc. and GlaxoSmithKline plc (GSK) announced plans for its joint venture agreement to create a global consumer healthcare company. This joint venture will expand GSK’s consumer health portfolio towards vitamin and dietary supplements category.
Europe holds dominant position in the elderly nutrition market, owing to high prevalence of chronic diseases such as cancer, cardiovascular diseases in the region. According to the European Heart Network, factsheet 2017, around 11.3 million new cases of cardiovascular diseases were registered in Europe and around 6.1 million cases of cardiovascular diseases were registered in European Union (EU).
Moreover, rise in geriatric population, majorly women, in this region is expected to propel demand for osteoporosis, which in turn is expected to bolster the market growth over the forecast period. According to the International Osteoporosis Foundation, estimated around 20 million cases of osteoporosis in population aged above 50 years in 2015. These problems are greater in women than men and have high prevalence in comorbid chronic disease and disability.
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Major players operating in the global elderly nutrition market include Allergan, Otsuka Pharmaceuticals Co., Ltd., Baxter International Inc., Danone, Fresenius Kabi AG, Abbott Laboratories, Pfizer, Inc., Mead Johnson & Company, LLC, and Sanofi.
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